South Korean regulators engaged in discussions with officials from ASEAN and the OECD regarding cryptocurrency regulations during a recent event in Seoul. The Financial Services Commission (FSC) hosted the event, aiming to share the progress of digital finance policies in ASEAN countries.
Participants expressed the need to address risks associated with cryptocurrencies and other related matters. The international conference, named South Korea-OECD Roundtable: On Digital Finance in ASEAN, included officials from the Korea Institute of Finance, financial regulatory authorities, central banks, and major financial institutions from Asia and OECD member countries.
Topics such as central bank digital currencies and cryptoassets were presented and discussed during the initial talks held on March 18. The parties agreed to exchange findings on global trends and share opinions on digital finance.
During the event, Kim So-young, Vice Chairman of the FSC, emphasized the positive effects of financial innovation through digital technology, including increased productivity in the financial industry. He highlighted the importance of establishing an appropriate regulatory system to manage risks and protect consumers.
Kim called for active cooperation among South Korean regulators, ASEAN, and OECD counterparts in responding to the challenges posed by digital finance and crypto markets. He stressed the significance of international collaboration to ensure consistency with the global regulatory framework.
Regulators in South Korea have faced pressure to approve a Bitcoin spot ETF but have indicated that they will wait for new legislation before taking action. Recent reports suggested that the Fair Trade Commission planned to investigate NFT-powered concert ticket sales involving K-pop star PSY.
The ongoing discussions between South Korean regulators, ASEAN, and OECD officials reflect a shared commitment to addressing regulatory challenges and promoting international cooperation in the rapidly evolving digital finance landscape.
